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Banking industry heavyweight John Baird to lead development of new blockchain-powered IoT ecosystem

Published: 07/02/2018

Banking industry heavyweight John Baird to lead development of new blockchain-powered IoT ecosystem

The new 'UCOT' system - under development in partnership with the University of Technology Sydney - is set to revolutionise supply chains across the globe

Sydney, Australia February 8th: Ultimo Digital Technologies (UDT) has announced the recent appointment of John Baird, a proven industry leader, to the role of CEO. John Baird will be responsible for the development and distribution of the company’s new Ubique Chain of Things (UCOT) system, which is set to revolutionise supply chains and Internet-of-Things across the globe.

UCOT is a new blockchain powered smart IoT ecosystem. Currently being developed in partnership with the University of Technology Sydney, it will use new 5G telecommunication technologies, alongside blockchain storage, and a network of IoT devices equipped with smart sensors to create the next generation of smart supply chains.

The UCOT system will work across supply chains in any vertical. For agriculture, it will enable suppliers to prove the authenticity of produce supplied to retailers, from field to fork. Along the way it will enable the tracking of key metrics such as temperature, tampering and location. Combined, the system will vastly improve efficiency and transparency across the supply chain - a common issue especially for high-value or perishable goods that are exported overseas.

The network uses secure machine-to-machine communications to reduce costs, automatically authenticate records and update smart contracts, as well as serving as the foundation for future AI integration into supply chains.

Overcoming IoT challenges with Blockchain

The advanced UCOT ecosystem utilises thousands of sensors moving throughout the supply chain to build a complete picture of how goods are transported from A to B. This presents two challenges: How the system will store its data securely; and how the cost of the millions of micro-transactions that take place over the network will be paid.

Given these challenges, UCOT is underpinned by the use of its crypto-token, UBI. UBI

will be used by supply chains to monitor the running of the new UCOT system. Where traditional systems would be unsuitable and too expensive for processing millions of micro-transactions, using UBI will make the process fast, efficient and predictable. Tokens will be available to purchase in the future after listing on global exchanges. The token has been warmly received by the potential users prior to the launch of the system.

John Baird, CEO of UDT, said: ‘With such strong interest from the supply chain industry in UCOT and UBI, the crypto-token that powers it, we expect to be able to revolutionise the industry in the next 18 months. Australia finds itself in a unique position - it is a primary exporter to many of the world's largest growing markets, and with institutions like the University of Technology Sydney, Australia also has world-leading experts in the technology that is going to be pivotal in realising the promise of IoT networks for supply chains.'

Representatives from the UDT Board expressed excitedly: ‘The appointment of John Baird is a huge win for us. He is perfectly placed to lead the development of UCOT, with strong links to Australia’s world-leading expertise in the development of IoT technology, as well as its blockchain foundation.’

John Baird brings a wealth of experience from a 35-year career at the cutting edge of technology. John has previously worked in both government and private sector R&D with CSIRO and Toshiba, served as Vice President of Credit Suisse, as well as CTO of Deutsche Bank where he was a member of the banks operating committee. Throughout this period, he has been asked to act as an advisor to the NSW Government, forming the inaugural Industry Advisory Panel and helping to shaping the NSW Government's approach to ICT. He continues to advise on matters related to cyber security for both the NSW Government and Macquarie University. In his spare time John mentors with Inspiring Rare Birds, an organisation supporting the career development of rising female entrepreneurs.

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